TL;DR

U.S. tightens Nvidia chip exports to China; SoftBank invests $2B in Intel; Home Depot misses Q2.

Highlights

• U.S. requires Nvidia to obtain licenses for any new chip products sold to China; Nvidia developing B30A AI chip for China, subject to U.S. export controls 112.
• SoftBank invests $2B in Intel ; U.S. considers converting Intel’s CHIPS Act grants into equity, potentially taking a 10% stake 23.
• Home Depot misses Q2 sales and earnings estimates but maintains full-year guidance; shares down ~1% 4.
• Medtronic adds two directors after Elliott becomes top investor, beats Q1 estimates, and raises profit outlook 18.
• UBS raises gold price forecast to $3,700/oz by mid-2026, citing U.S. inflation, weaker dollar, and strong ETF demand 11.
• BHP profit falls 26% on weaker iron ore and coal prices; dividend above consensus, capex cut, and asset review announced 10.
• S&P affirms U.S. AA+ rating with stable outlook, citing tariff revenue as a deficit offset; dollar steady 15.
• Wyoming launches FRNT, the first state-backed U.S. stablecoin, fully backed by cash and Treasuries; trading pending regulatory review 13.
• Tether hires ex-White House crypto adviser Bo Hines to lead U.S. strategy amid stablecoin regulatory focus 19.
• Figure, a blockchain lender, files for Nasdaq IPO after turning profitable; crypto sector sees continued investor interest 14.
• Russian strikes hit Ukrainian energy infrastructure; U.S. and Europe advance Ukraine security guarantees; U.S. sends destroyers toward Venezuela in anti-cartel operation 789.
• Nikkei slips from record high on BOJ rate hike speculation; yen volatility subdued 16.

Commentary

Semiconductor headlines are in focus as the U.S. tightens export controls, requiring Nvidia to obtain licenses for any new chip products destined for China 1. Nvidia’s attempt to develop the B30A chip for the Chinese market remains subject to these restrictions 12, keeping regulatory risk elevated for U.S. chipmakers with China exposure. Meanwhile, Intel receives a $2B investment from SoftBank and may see the U.S. government convert CHIPS Act grants into equity, potentially taking a 10% stake 23. This combination of private and public capital could support Intel’s turnaround but introduces new questions around government involvement in the sector.

In equities, Home Depot ’s rare double miss on Q2 results highlights ongoing consumer caution, though the company’s unchanged guidance suggests management sees stabilization ahead 4. Medtronic ’s governance changes and raised outlook, following Elliott’s increased stake, point to further portfolio actions and margin focus 18. BHP ’s earnings drop, driven by weaker iron ore and coal prices, is offset by a higher-than-expected dividend and capex discipline, reflecting a cautious approach to capital allocation amid softer Chinese demand 10.

On the macro front, S&P’s affirmation of the U.S. AA+ rating, supported by higher tariff revenues, keeps the dollar steady and signals that fiscal risks are being partially managed 15. UBS’s upward revision to gold price targets reflects ongoing inflation concerns, dollar weakness, and robust ETF demand, with gold outperforming other major asset classes in 2025 11. Watch for gold to test resistance as Jackson Hole approaches.

Digital assets remain active: Wyoming’s launch of the FRNT stablecoin and Tether’s U.S. policy push signal growing state and federal engagement in stablecoin regulation 1319. Figure’s IPO filing underscores continued investor interest in tokenization and blockchain lending 14, while Illinois’ new crypto rules add a layer of regulatory oversight for U.S. operators 17.

Geopolitical developments remain a background risk. Russian attacks on Ukrainian energy sites 9 and U.S. naval deployments near Venezuela 8 could influence defense and energy stocks. In Asia, the Nikkei’s pullback and BOJ rate speculation may impact global risk sentiment, but direct spillover to U.S. markets appears limited for now 16.